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How old are you and how much goes toward your retirement each month?
Posted on 12/11/21 at 12:07 am
Posted on 12/11/21 at 12:07 am
I am wondering if I’m average or too low/high. I used to contribute each month to my Roth IRA but stopped back in 2018 to pay off some debt and started up again in August this year. I’m now contributing $500/month to my IRA and another $967/month to my 401k, including my employer’s portion. That’s a total of $1,467/month. I am 36 years old and would like to retire at age 62.
Is that typical or too much? What do y’all do?
Is that typical or too much? What do y’all do?
This post was edited on 12/11/21 at 12:08 am
40
Posted on 12/11/21 at 12:21 am to TDsngumbo
Wife works for a school, so has a state retirement plus maxes Roth. I max Roth plus 15% towards 401k (3% company match added to that) — late 20’s.
She’s maxed her Roth the past few years, me just the past 2. Had student loans to pay off.
She’s maxed her Roth the past few years, me just the past 2. Had student loans to pay off.
Posted on 12/11/21 at 12:41 am to TDsngumbo
(no message)
This post was edited on 1/1/22 at 12:19 pm
Posted on 12/11/21 at 12:42 am to TDsngumbo
quote:
I am 36 years old and would like to retire at age 62.
It’s much easier to work backwards. How much will you need in retirement? Everyone’s needs will be different based on lifestyle choices.
I don’t contribute enough right now. Will bump my 401k contribution 1-2% come February after annual raise.
Posted on 12/11/21 at 2:22 am to TDsngumbo
Why does my gut feel like he’s trying to troll from the OT. I’m hoping I’m wrong here.
This post was edited on 12/11/21 at 2:25 am
Posted on 12/11/21 at 3:29 am to TDsngumbo
quote:First off, you are doing better than "typical" but no idea if that's "enough" without an idea of your income and spending (now and in retirement).
Is that typical or too much?
You're asking the wrong ?s if you want to know if you'll be prepared to retire. Typical isn't gonna cut it, typical for MT posters, maybe. Ask yourself how much you plan to spend in retirement (minus any other income sources), adjust for inflation, estimate your safe withdrawal rate, figure out how much investment you will need at that rate to meet your spending needs. Instead of doing all that, I just got aggressive early. I've been maxing a 401k and 2x Roth IRAs since late 20s. By 30s I was throwing any extra at mortgage (rates were higher then) and non-retirement brokerage. Now I can fully retire at 45! Don't limit yourself by aiming to just do enough.
Posted on 12/11/21 at 5:02 am to TDsngumbo
Nothing because I will never retire.... actually it all goes into crypto
Posted on 12/11/21 at 5:37 am to TDsngumbo
I’m 57.
For 20 plus years, I’ve maxed all retirement vehicles.
Currently
403b 26000
457 26000
TRS. I think it’s 10000
SEP for side business 14000
So about 86000 per year.
It will be side business only at 61.
For 20 plus years, I’ve maxed all retirement vehicles.
Currently
403b 26000
457 26000
TRS. I think it’s 10000
SEP for side business 14000
So about 86000 per year.
It will be side business only at 61.
Posted on 12/11/21 at 5:44 am to tigersfan1989
quote:Please enlighten me. Into what retirement vehicle are you putting in $30k per year?
Early 30s. I contribute 20% (30k) get 10% employer match (15k) and put 6k into IRA.
ETA I'm 32 with four kids under 8 years old at home. So, my financial capacity to contribute to retirement is probably just a tad lower than a single dude making $150k/year.
I would estimate next year adding a little over $4,400 to max the ER match. I'm becoming a part owner of the company I work at, though, and will be getting profit-sharing distributions quarterly. Depending on how much lower school is going to cost in the coming years, I anticipate being able to significantly increase that contribution over the next 5-10 of years.
Genuinely glad to see a lot of you, if telling the truth, taking advantage of your margin each pay period. I'm a financial planner and every now and again will have a 50-something come into my office saying something like, "I've saved $60k for retirement and have a mortgage of $230k with $60k of equity. Now's your chance to be a hero!"...
This post was edited on 12/11/21 at 5:56 am
Posted on 12/11/21 at 5:57 am to TDsngumbo
You’d be shocked at how many of your coworkers contribute very little or none to their retirement accounts. I max out my Roth, max out HSA (which after 65 can be used for anything) and max out 401k. I’m 42. Hope to retire at 51 - 55. Never know what is ahead though so will just have to wait and see. I guarantee you are doing more than most your age.
This post was edited on 12/11/21 at 5:59 am
Posted on 12/11/21 at 6:03 am to TDsngumbo
Im 44.
I put about $24k into 401k and 6k into wife's ira.
Im going to throw $2k into a sons roth ira this year.
Company matches over $10k on my 401k and an additional $6500 into my pension. My wife just got a 401k for the first time mid-year. So we will see how that effects her ira going forward.
The best advice i have for you at 36 is to freeze your spending. Every dollar more that you earn in the future should (could) bump up your retirement contributions.
I put about $24k into 401k and 6k into wife's ira.
Im going to throw $2k into a sons roth ira this year.
Company matches over $10k on my 401k and an additional $6500 into my pension. My wife just got a 401k for the first time mid-year. So we will see how that effects her ira going forward.
The best advice i have for you at 36 is to freeze your spending. Every dollar more that you earn in the future should (could) bump up your retirement contributions.
Posted on 12/11/21 at 6:36 am to Niner
Similar family sit.
Previously was at like 10% - 3% match. Now I’m doing 6% - 5% match.
Wife’s at like 9% - 7% match.
She wants to quit work though.
Previously was at like 10% - 3% match. Now I’m doing 6% - 5% match.
Wife’s at like 9% - 7% match.
She wants to quit work though.
Posted on 12/11/21 at 7:57 am to eng08
I'm 28
With employer match I contribute about $1k to 401k. I also just bought a 2 bedroom townhome fixer upper that the plan is to live in and finish the renovations (~$20k left) and have my first rental by 30 at the latest. I'm in the process of buying 50 acres of family hunting/timber land.
I do have an HSA from a former employer at roughly $12k and a Roth with about $15k. I've only been contributing to the Roth intermittent lately due to the cash needs of my other investments.
I say all of this to say, it depends on your situation. I could have pumped cash into my 401k and had a great balance for my age. Instead I diversified into some other vehicles that will both make money and bring me utility.
With employer match I contribute about $1k to 401k. I also just bought a 2 bedroom townhome fixer upper that the plan is to live in and finish the renovations (~$20k left) and have my first rental by 30 at the latest. I'm in the process of buying 50 acres of family hunting/timber land.
I do have an HSA from a former employer at roughly $12k and a Roth with about $15k. I've only been contributing to the Roth intermittent lately due to the cash needs of my other investments.
I say all of this to say, it depends on your situation. I could have pumped cash into my 401k and had a great balance for my age. Instead I diversified into some other vehicles that will both make money and bring me utility.
Posted on 12/11/21 at 8:22 am to Big Ole Baw
I'm 57. Wife has a teachers pension, we max roths in January for both of us, and I put $18k in my company 403b. I could contribute up to $26k, but I think it's plenty. Also max out HDA. Also get 8% company March.
I hope to retire 60-62.
I hope to retire 60-62.
Posted on 12/11/21 at 8:34 am to tigersfan1989
quote:
I contribute 20% (30k)
What type of account is this?
Posted on 12/11/21 at 8:39 am to ronricks
quote:
You’d be shocked at how many of your coworkers contribute very little or none to their retirement accounts.
At my last job I had god-mode access to the 401k plan. Even most of the people in director/VP/c-suite jobs were not maxing out their retirement accounts. Also, some of the terrible funds people chose to put their money in blew my mind. People don't even try; I don't get it at all.
Posted on 12/11/21 at 8:40 am to TDsngumbo
32. Married, 2 young kids.
Last couple of years we’ve only been maxing HSA and Roth’s. I’ve been trying to pay off my business loan so haven’t been able to setup a solo 401k yet.
I’m in the process of setting one up now and am planning on putting around $20k in mine and $20k in my wife’s.
Last couple of years we’ve only been maxing HSA and Roth’s. I’ve been trying to pay off my business loan so haven’t been able to setup a solo 401k yet.
I’m in the process of setting one up now and am planning on putting around $20k in mine and $20k in my wife’s.
Posted on 12/11/21 at 9:01 am to TDsngumbo
married 40s- try to put as much as possible into Roth accounts max out IRAs, & contribute to Roth 401K/457
Posted on 12/11/21 at 9:09 am to TDsngumbo
I’m 41 years old. Started at 22 putting 6% of my salary and getting matched at $1 for every $3 I put in.
Around 26 years old I upped it to 8% with the same match.
At 32 years old I upped it to 11% and the company increased their match to 50% up to 6%.
At 38 years old I began putting an additional 3% in my ira because I was maxing my 401k.
My wife has been putting in 6% for 13 years with a full company match.
I haven’t don’t as much as some here but I should be able to retire around 57-62 years old. We have been blessed and I am farther along than I thought I’d ever be at this point. Scary to think that some reports have the average 50-55 year old with less than 100k in retirement savings.
During the next decade I’m going to work on passive income with either farm land or rental property. So hopefully I can not touch much of my retirement savings when retired.
Around 26 years old I upped it to 8% with the same match.
At 32 years old I upped it to 11% and the company increased their match to 50% up to 6%.
At 38 years old I began putting an additional 3% in my ira because I was maxing my 401k.
My wife has been putting in 6% for 13 years with a full company match.
I haven’t don’t as much as some here but I should be able to retire around 57-62 years old. We have been blessed and I am farther along than I thought I’d ever be at this point. Scary to think that some reports have the average 50-55 year old with less than 100k in retirement savings.
During the next decade I’m going to work on passive income with either farm land or rental property. So hopefully I can not touch much of my retirement savings when retired.
Posted on 12/11/21 at 9:22 am to makersmark1
quote:
Currently 403b 26000 457 26000 TRS. I think it’s 10000 SEP for side business 14000 So about 86000 per year. It will be side business only at 61.
I’ve got some bad news for you. You are going to be about 12% shy of your expected number. That’s $76,000, not $86,000. Still pretty awesome to be saving $76k per year. Nice!
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